State revenues for April came in about 15 percent higher than the same month a year ago, Oklahoma finance officials said Tuesday.
The boost pushes revenue collections for the first 10 months of this fiscal year to about 1.1 percent higher than the estimate used to craft the 2013 fiscal year budget. As of last month, collections were just 0.4 percent higher than the official estimate.
Last month, total collections for the 2013 fiscal year were 1.3 percent below the amount generated for the same period a year ago. Collections so far this fiscal year are about 1 percent above collections for the same time period last year.
Collections in April to the general revenue fund, the state's main operating account, totaled $701 million, an increase of almost $90 million, or 14.7 percent, more than a year ago, state finance records show.
Income tax collections accounted for most of the gain. Total income tax receipts beat the official estimate for the month by 15.1 percent, state finance officials said.
“The economy is kicking and revenues are right on pace,” state Finance Secretary Preston Doerflinger said. “Oklahoma's economy has shown real resilience in its ability to withstand challenges like federal defense and aerospace sector cutbacks and continued natural gas revenue losses. It instills confidence to have a steadfast economy like ours in times like these.”
Compared with the same month last year, net income tax collections to the general revenue fund were up nearly 20 percent, with individual income tax collections up 14 percent and corporate income tax collections up 50 percent. Year-to-date income tax collections are $2.1 billion, or 13.5 percent, above projections.
In addition to general growth, April's income tax collection increase also was spurred by the Oklahoma Tax Commission reporting it received several large payments from individuals who filed for extensions in 2012.